BRITISH COLUMBIA

BC miner RB Energy files for creditor protection

10/14/2014 04:37 EDT | Updated 12/13/2014 05:59 EST
VANCOUVER - RB Energy Inc. (TSX:RBI) says it has filed for creditor protection under the Companies' Creditors Arrangement Act.

The Vancouver-based miner says the filing through the Quebec Superior Court will help it achieve an orderly restructuring of its business and operations.

Terms and conditions of the restructuring have not yet been determined.

RB Energy owns Aguas Blancas, an iodine producing mine in northern Chile, and the Quebec Lithium Project near Val d'Or.

On Oct. 8, the company said it was unable to secure the funding needed to maintain operations and had halted work at its Quebec Lithium Project.

For the three months ended June 30, the company said it earned a net profit of $1.3 million, or a penny per share.

The company had lost the same amount in net profit and share price in the same quarter a year earlier.